A major deal has been struck on the Norwegian Continental Shelf. Tullow Oil plc (LSE: TLW) said it has entered into an agreement for Spring Energy Norway AS with a private equity company HitecVision and minorities. The purchase price is 372.3 million USD (2.1 billion NOK) plus potential bonuses up to 300 million USD. Approval from Norwegian Ministries of Energy and Finance is a necessary condition for the deal.
Spring Energy has a portfolio of 28 offshore licenses covering an area of over 18 000 square kilometres in North Sea, Norwegian Sea and Barents Sea with six discoveries in the last five years. Tullow assesses that Spring Energy’s portfolio contains in excess of 230 mmboe of risked prospective resources while existing reserves and resources are 24 mmboe.
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